NJ tax collections lag amid hints of an improving economy

September numbers are down from last year as state recoils from COVID-19 shutdown

By John Reitmeyer, NJSpotlight

New Jersey tax collections continue to trail last year’s despite some continued signs of an improving economic outlook.

The state Department of Treasury’s tax-collection report for September indicates total monthly revenues from the state’s major tax sources were down by a little more than 4% compared to the same month last year.

The poor monthly revenue performance, reported by Treasury on Thursday, comes as New Jersey continues to deal with the ongoing coronavirus pandemic, and as public-health restrictions ordered by Gov. Phil Murphy continue to affect economic activity across the state.